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today, it's about politics, too. at issue, whether big spending cuts should be locked in before the government is allowed to borrow more money to pay it bills. president obama held his second news conference in a week tells you the biggest headline. there is no deal. so the politicians from the president on down are trying to prove they're the one most looking out for you. >> it would be very helpful for us to be able to say to the american people our fiscal house is in order. >> the president wassed a today month that it's impossible to get a deal unless and until the republicans agree to raise some taxes. in turn, republicans say that before he spends anymore time lecturing them, she stop giving press conferences and put his proposals down on paper. but in the hunt for specifics, it is crystal clear the president is not ready to take the lead. >> if they show me a serious plan, i'm ready to move. even if it requires some tough decisions on my part. >> a lot of questions tonight about where this is heading and how it will impact you. the president's initial deadline, tonight, w
on that in just a moment. i wish i could say there's big news about the debt ceiling talks. i can't tell you that. there's more drama than dealing going on in d.c. right now. a fifth round of talks is set for today. but yesterday didn't go so well. house republicans called for a short-term extension and house majority leader eric cantor says this is what the president said in response. quote, don't call my bluff, eric. and then he walked out a few minutes later. president obama said all along he'd veto any short-term measure. ed administration says failure to raise the $14.3 trillion debt ceiling by august 2nd could trigger a partial default on the part of the united states. thanks to that debt ceiling issue and the possibility of default you're on notice. i'm on notice. everyone from maine to san diego is on in. moody's investor services, the debt rating agency plans to review the nation's aaa bond rating and might downgrade it from stable to negative. standard & poors has the u.s. bond rating under review. let's talk about foreclosures for a second. realty track, the company that tracks the for
casey anthony, big day. she's getting out of jail on sunday. will you be doing some commentary this weekend? or are you taking this weekend off? >> i may very well, but certainly i'll be talking about it on monday morning. >> have a good weekend, whatever you might end up doing. good to see you as always. thank you so much for being here with me in the cnn news room. i of course will be with you tomorrow and sunday. >>> the president said he's willing to think small if he has to in order to break the stalemate over raising the debt limit. also new apologies from media mogul rupert murdoch. he met with the family of a murdered teenager whose phone was hacked by his now defunct tabloid. there are fast-moving developments in this scandal. it's ungulfing his entire news empire. and as casey anthony prepares to get out of jail on sunday, will she shun the media spotlight or will she try to capitalize on her supposed fame? i'm wolf blitzer. you're in "the situation room." >> president obama back at the bully pulpit for the second time this week to make sure ameripay bill. he went bef
have a big stake in is apple, of course. steve jobs has done an extraordinary job there. their recent profits were just astronomical again. obviously, they're a big global company, and they've aggressively marketed in countries all over the world. do you think america's doing enough of that? do you think it's time they went back to designing, creating, and building things they can sell to the world exactly as apple is doing so successfully? >> well, clearly, apple is a role model of the american innovation whereby it produced all these products -- ipod, iphone, ipad -- that is really now dominating all the technology arena in the world. clearly, apple is a role model, and i believe the united states, with all its problems, is down but for sure is not out. i hope that an awakening happens in the united states whereby to go back to the roots of the main success of america, which is innovation and encouraging more ideas and more thoughts to be integrated in the u.s. system. >> are you concerned at all about the succession plans at apple given the ongoing situation involving steve jobs' h
heated yesterday between obama and eric cantor. while they bicker, the big three credit rating agencies are warning the aaa bond status could be at risk. the debt ceiling deadline, as you may know, is august 2nd, but the president set tomorrow for the deadline to see if a grand bargain is possible, if not a bare bones bargain. if not, payments to critters, bill payments, you name it, there is not enough income to cover all that. every month we come up $125 billion short. if we cannot borrow to bridge the cap, 40% of the monthly obligations could not be paid, and that could include social security checks due to go out on august 3rd. the stakes we just laid out are monumental, so both sides have to give ground and risk their jobs for the good of the country. what is so hard about that, right? joining me with their insights on conflict resolution are cnn contributor, pete dominic, and family law attorney, mrs. winestein. what does it take for two entrenched parties to agree on a deal that both need? >> well, you know, the obvious is that you take the emotion out of the room and you try to
's right. you know, the big point of contention yesterday was with house majority leader eric cantor pushing for this short-term deal or a series of short-term deals. the president, according to democratic sources familiar with the talks, made it clear that that is something he does not support and something he would veto. the president has, for the last few days, and certainly weeks as well, been pushing for the biggest deal possible where it it seemed to get some support. of late, it has not. the president believing if you start talking about the short-term deals, you run into the political season where you negotiate the things all over again. if you can't get this done now, how will you get this done in the thick of the political season? tense discussions yesterday. the president agitated and believing that republicans are using the debt talks to make political points. the president making the point, according to those inside the meeting, that this kind of atmosphere just confirms some of the worst fears that americans have about the way washington works. >> well, yeah. the way wa
shutdown in minnesota. >> that's the part -- no beer. >> big problem. a lot of beer that won't be on the shelves. >>> the president's right-hand man on jobs. jeffrey immelt talks about how they plan to get america working again unchlgth fire under fire. >> gunfire all around us. we are rushing out of this area. with dha and essential nutrients also found in mother's milk. purina puppy chow. right now, go to priceline for a sneak peek at recent winning and better than ever! hotel bids to find where you n save up to 60% on hotels. * we'll even email you other people's winning bids, so you'll know what price to name. *á with new hotel bid alerts, from priceline. >>> welcome backing to "american morning." all enemies of india possible suspect this morning after three bomb blasts rocked the country's largest city during rush hour yesterday. 18 people were killed. that's down from 21. and now yesterday, 131 are wounded. officials say these attacks were coordinated by terrorists. but there have been no arrests. india is denying that they were -- missed any warning signs. >> the fac
in iowa. she basically kicked off her bus tour in iowa today. so this is going to be a big deal for her and her supporters who are here. and later she's going to be going to an iowa cubs baseball game and talk to supporters and voters there as well. >> so she's on a bus tour, is it all iowa all the time this weekend? where is she going? apparently shannon can't hear me, we'll get back to shannon travis, he's reporteding for us live in iowa. >>> a political note for you, the presidential seal fell off the white house limousine this weekend while he was on his way to the airport. a philly police officer found the seal alongside route 76, he returned to the secret schlts. >>> closing arguments set to begin tomorrow in the murder case that has millions watching. what you can expect. the lawyers to say and what our legal expert thinks of the verdicts, we'll have that for you straight ahead. >>> also more on dominique strauss-kahn and the case against him that seems to be unraveling. is he a guilty man or is he a victim here? we're asking our expert. >>> and the royal wedding that took place
a big jump in income, but the extra money coming in didn't mean approval. >> the reason i was told that i was declined, because too big of a disparity between my 2009 and 2010 income. >> the bank is looking for steady income flow, and that self-employed person cannot show that now. >> when the housing market went bust, lenders pulled back, over compensating and tightening their lending standards. in fact in today's market almost a quarter of all mortgage applications are denied. >> we were too lenient in the early 2000s, and too tight right now, and we need to find somewhere in the middle. >> do you think at some point you will give up and not go through this? >> yeah, that entered my mind a couple times. >> as for the lender, prosperity mortgage says privacy laws dictate we protect the personal information of all individuals so we are unable to comment on the specific case. but the story ends well, they found another lender to give them a loan. but you need to be prepared to work through a difficult process. alison, we heard donovan say it should be easier for folks buying a home.
. >> announcer: this past year alone there's been a 67% spike in companies embracing the cloud-- big clouds, small ones, public, private, even hybrid. your data and apps must move easily and securely to reach many clouds, not just one. that's why the network that connects, protects, and lets your data move fearlessly through the clouds means more than ever. >>> jack cafferty is here with the cafferty file now. people can watch you stream on a mobile device, an ipad, jack. this is great. >> i have no idea what that means. but i'll trust you. >> it's really good. >> republican congresswoman michele bachmann is a rising star of sorts in a lacklustre to say the least field of gop candidates who hope to challenge president obama next year. bachmann came out on top in three separate polls of likely iowa republican voters last week. go figure. my shael bhaukman's husband marc marcus runs a christian counseling business. former clients say he encourages homosexual patients to try to change their sexual orientation, or at least oppress it. it's called pray away the gay. in an interview, marcus bachm
. the scandal now spanning across the atlantic and claiming its first big victim on this "american morning." >>> and good morning. welcome, everybody. it is friday, july 15th. i'm soledad o'brien. you are watching snoonk kiran is off, christine is off, welcome soledad. good to see you. >> thank you. we have a lot to do today. let's get right to it. serious new pressure on rupert murdock and his global media empire. the justice department says it's now investigating the claims that one of its tabloids tried to hack 9/11 victims' phones. a report in another british tabloid, "the mirror" quoting a source who says "news of the world," the newspaper which folded under the pressure of the hacking scandal, hired an investigator to try to tap the phones. now lawmakers, law enforcement, and 9/11 families are all demanding the truth. >> susan candiotti following the latest for us on this and breaking, one casualty of the news international, rebekah brooks has resigned. >> the question is, does this mean that the walls are crumbling at news corp. it's too early to say, bulls this is a crack in the wa
of washington's impact. but mining stocks with big drags here. we have rio tinto. financials fell. >> you know, ramy, we've been so preoccupied by what's happened in washington that sometimes it's easy to lose sight of the fact we are in the midst of earnings seasons. we've had reports across the region. >> nintendo, they slashed their full year's forecast earnings by a whopping 82%. that's because gamers aren't so interested in their handheld 3-d game players which came out five months ago. that would be the 3-ds. that's the biggest fall in the past two decades. you're looking at a year to date. nintendo share prices dropped a whopping 47%. it's a similar story, not so bad for sony. they cut its profit estimate for the year by about 25%. this was yesterday. that's because of weak demand for tvs like this bravia over in the u.s. and europe. sony's share price year to date has also dropped by about 35%. but, you know, it's not all doom and gloom. they say its net income surged to about $1.31 billion. this is for the six months to may. forecasters had been -- forecast had been for earnings for a
, this backup plan could be left as the last option standing. but the big question is always, wolf, will it pass the house? can it pass the house? and this seems to be another example of just how divided the republican party is on this issue. >> yeah, it's a huge, huge division right now. going forward, this debate, we'll see what happens. kate, thanks very much. let's check in with jack right now. he's got the "cafferty file." >> despite that nasty game of chicken going on in washington over raising the debt ceiling. congressional leaders in both parties pretty much agree that doing it is going to be necessary. the argument is over what else goes into the bill that's tying them up and bringing the country dangerously close to defaulting on some of our loans. according to a new poll, 40% do not want the debt ceiling raised and they want their members of congress to vote against any measures that raise it. only 22% want their lawmakers to vote for raising the debt ceiling. and more than 1/3 of americans say they're just not sure. when asked which is a greater concern, 51% say raising the debt cei
when a big storm blows through and the entire stage collapses. we're going to talk to a man who was standing behind the drummer taking pictures when this whole thing happened. stay right there. lutions from d, every patient file is where dr. ling needs it. now she can spend more time with patients and less time on paperwork. ♪ dell. the power to do more. when an investment lacks discipline, it's never this obvious. introducing investment discipline etfs from russell. visit russelletfs.com r a prospectus, containing the investment objectives, risks, charges, expenses and other information. read and consider it carefully before investing. >>> the take away seems to be less than a dozen people had mostly minor injuries. so, david frye is cheap trick's manager, he's still standing behind there in ottawa. david, i know you were onstage, were you behind the tropicaler taking pictures, you described this as complete pandemonium, talk to me about it, what were you thinking? >> basically we were told a storm was coming in and they kind of prepped the stage for that, got a lot of people
played out today? >> in a word, no. this is one of the most extraordinary days in the history of big time criminal justice in the united states. the head spinning pace of events and the rapid turn around in the fortunes of the sides in this case. is like nothing i've ever seen before. and it looks like this case is going to end with a dismissal of the case at this point. it's hard to imagine how there could be a trial at this point when the prosecution has essentially described its main witness as a something close to a compulsive liar. >> i want to hear now from the alleged victim's lawyer, jeffrey. claiming prosecutors have turned on his client. let's listen to this then i want to ask you about it. >> now, it is a fact that the victim here made some mistakes. but that doesn't mean she's not a rape victim. and so all of this stuff that they leaked to the "new york times" was designed to discredit this woman. and i spoke to her a little while ago. and through her tear, through her hurt, she asked me, why did they do this to ni me? and i said, i don't know why. and now, she is determined.
security, were they to get that big, grand bargain. even if they don't, there may be changes to entitlement programs. on the other side, democrats wanted to see tax increases and a small set of people with very little infrut the larger set of member of congress making a deal behind closed doors and there won't be a lot of time for the public to assess that before members of congress are asked to vote on it and that might have the affect on the ability of the house speaker and harry reid to actually pass a debt ceiling increase once some sort of agreement is made. >> i was reading this today in the "new york times," david. i'm going to give this to you. nearly three dozen house republicans and another dozen in the senate joined most of the republican presidential candidates in signing a pledge that will not, that they will not vote to support the debt limit increase unless congress approved a balanced budget amendment to the constitution which is unlike -- okay. most people agree, every economist, every economist of weight will say, by doing this they are possibly spooking the markets, and f
that big fella over there. cost way less than i ever dreamed. i don't tell my friends just how affordable it is cus to them i'm still the big roller, the big cheese, ya know? oh, emmitt. baby, what you doing? y-y-yeah! [ clears throat ] [ deep voice ] yeah, babe. in a second. takin' care of some business. it's surprising just how affordable an rv vacation can be. gorving.com and get a free video. or visit an rv dealer. go affordably. go rving. unlike fish oil, megared softgels are small and easy to swallow with no fishy smell or aftertaste. try megared today. >>> well, while they get down to work and finish lunch as the case may be, i want to bring in richard herman, who has been watching the casey anthony trial closely. richard, did the prosecutors prove their case? before you answer that question, i thought there were very powerful points made in the closing. the duct tape was incredible. you could not not listen to the duct tape. >> the three strips of duct tape, that's how you know it was murder. it was intentional, because it was three strips, not one. and that was very powerful. and
to look at it. if i can dial out for a minute and give you a big picture perspective, despite this tit for tat and all this political spinning going on, there is still a meeting scheduled at the white house tomorrow, as far as we san antonknow, all sides are planning to come here and they will be discussing detailed spending cuts and for the first time, this discussion of tax changes. will there be revenue on the table, a major controversial issue. despite all this, there could still be potential progress towards one of these deals tomorrow. we'll see. >> you answered my last question. we'll check back with you later on. they might want to start with decaf tomorrow. >> let's go to our top story now. this is an important thing for all of us to be aware of. this in-depth look at the rupert murdoch scandal as it begins to reverberate in america. we thought it might and indeed it has. murdoch withdrew his bid for bskyb amid the most disturbing allegations that emerged. according to a british paper, journalists from the news of the world approached a new york private investigator to buy pho
to a default or to a downgrade. suzanne? >> that's a big deal. alison, it's been really hot. really, really hot this summer. what if your favorite drink disappeared from the stores. here's what is happening in minnesota. their budget crisis might actually turn into a beer emergency for some folks. a beer emergency. because the state has shut down and nobody is there to renew the permits and blue moon, you name them, so, you know, that's what they are dealing with there. you might have to switch to buzz wiser. i don't know what you drink. what do you drink? >> i'll go right to the hard stuff. to tequila. >> oh, geez, that's not supposed to be the solution here. go to the hard stuff. we'll see what happens. we will see what happens. but that's just one of the many things that we're looking at when we talk about this economic crisis that is turning into a beer emergency. alison, don't do that hard stuff. >> all right. okay. >>> here's a reminder to vote for the story you'd like to see. you can cast your vote by texting 22360. text 1 for crack down on china, homemade guns flooding on to the streets
shows how big this struggle is right now. >> it's adding fodder, too, for the comedians. take a listen. >> our government is days away from being broke. congress' latest plan is to see how much cash they can get for john mccain on antiques road show. 33 soldiers from the mexican army were allowed to return to mexico yesterday after they accidently crossed the border into america. did you hear about that some heart. think about it. things have gotten so bad in in country that people are only crossing the border now by accident. according to a recent survey, this year kids are receiving an average of 40 cents less under their pillows from the tooth fairy. enmake believe people are feeling the pinch. >> i don't know, he tried, don't you think? >> i tell you, this crisis is giving late night com he cans a lot of fuel, but unfortunately, it's not a laughing matter. so hopefully something will happen this weekend. >> all right, we'll be paying close attention. all the comedians, as well. >>> a new report now mentions that there is one american company with more money on hand than the governm
place than does greece. greece has two problems. first, it has a big budget deficit and markets have lost faith that it can ever repay its loans. second, it is an unproductive economy and cannot generate enough economic growth over the next few decades. in economies, degree has a liquidity problem but also a solvency problem. the united states, by contrast, does not have a solvency problem. the american economy remains one of the world's most competitive with many of the fastest-growing companies in most of the advanced industries. it houses the best capital markets in the world, the greatest universities, the most dynamic society. america is demographically vibrant thanks to immigration. it will be the only rich country that will see its population grow over the next 25 years. america could face a liquidity problem, that is it could have difficulty financing its debts and deficits if markets lose faith in it, again, let's be clear. this has not happened yet. in fact, right now, the world is lending to america more cheaply than ever before. the most important difference between greec
. one of the big problems is pakistan and a lot of the leadership resides in pakistan. we have to have a realistic assessment of the true assessment in pakistan, because there's no doubt that there is connections between isi and the aconnie network who are responsible not only for the hotel tragedy there, but also for the attacks on americans and our allies. and that's not acceptable. >> to libya now. we have seen in the middle east and elsewhere that often when there is the removal of a leader that chaos ensues. we certainly saw that in iraq to a certain extent we're still seeing it in egypt. do you think the u.s. and northern african countries have any kind of plan on what would happen and what they would do about likely chaos is moammar gadhafi should leave. the man has chemical weapons. he has ground to air missiles. all of those, as you know, could fall into the wrong hands. what is the u.s. plan here? >> i think the u.s. plan there is to provide assistance and do the things that, in fact, i would have recognized the transition national council a long time ago as a legitimate voic
a crime. it has been a rape or an attempt of rape. it is a big crime, and it will have to be punished. >> simon schama, in his column at "the daily beast," bernard henri-levy said this is like ropes spear. you wrote a book on the french revolution. do you think there's any -- >> i can understand bernard's passion about that, but as we know, the guillotine was the conclusion of that. that's not exactly what happened to dominique strauss-kahn. what i wanted to say to bernard and the discussion is that much of what he says i share, but i think it boils down to this kind of very lurid relationship between the tabloid press and the nature of criminal prosecution, spectacular. criminal prosecution or criminal apprehension, potential criminal apprehension, as a kind of public spectacle. >> like the casey anthony trial. >> yes. exactly. there is something in american public life, actually, which assumes it not to be problematic, actually, to make it a show before any guilt is necessarily proven. >> you have this tendency, also in france, and it was even more severe and as severe concerning fr
-khan's lawyers. and the big thing here, he said regardless of any credibility issues, as richard was just outlining there, his client was raped, pure and simple. and this is graphic stuff. i want to play some sound, richard roth, let's listen together. >> the only defense that dominique strauss-khan is that this sexual encounter was consensual, that is a lie. he grabbed her vagina with so much force that he bruised her vagina. when she went to the hospital later that day, the nurses who examined her saw the bruises on her vagina that were caused by dominique strauss' hand, and they took pictures of the bruises on her vagina, and the district attorney has those pictures. when dominique strauss-khan threw the victim to the floor, he tore a ligament in her shoulder, that is a medical fact. dominique strauss-khan ripped her stockings. there are holes, rips, in her stockings, and the d.a. knows that. when she was on her knees and he was sexually assaulting her, after he finished, she got up and started to run for that door. and started spitting dominique strauss-khan's semen out of her mouth i
now. big holiday weekend. you have the eye on the weather but also fireworks. isn't it illegal --? >> some states, depends on where you are. some states in our country where you can have almost like an arsenal, shoulder rocket missile and hey, fourth of july, let's go. you have to use common sense out there. we tell the story every year of people getting out there being careless and get hurt. supposed to be a festive wonderful holiday but people get a little careless, according to the u.s. consumer product safety commission there were three fireworks related deaths and again, it happened all last year. more than 8500 people had to be taken to the emergency room because of firework injuries. some of the tips to prevent things from happening to you or your family. >> and this is amazing to hear 8500 people are injured with fireworks. but here are some of the things. kind of common sense don't allow young children to play with or ignite the fireworks. always have an adult supervise the fireworks activities. sparklers seem innocent enough but can be dangerous as well. burn at high
it's global issues. and i want to get to that, but let's talk about some of the big issues right now. jobs, jobs, jobs. it's a crisis, a game of chicken going on in washington right now between the president, the did democrats on one side, republican leadership on the other side. how big of a deal is this august 2nd deadline for raising the debt ceiling? >> well, because i haven't been in government in a long time, i don't know what options the treasury department will have if the debt kreceiling is not lift. my guess is they can pay the bills for a while, after which they won't be able to. so if we let that deadline come and go and we really raise questions about when or political system is mature enough even to pay its bills, i think it's trouble. i realize the idea of voting against raising the debt ceiling has always had great appeal to people. even in good times, a bunch of people vote against raising it because it looks like a free vote. >> when he was senator, president obama didn't vote to raise the debt ceiling. he regrets it now. >> but, you know, when you're not president
a deal, it starts to weaken the white house i guess. >> reporter: a big deal of deficit reduction obviously is feeling very elusive and chances of doing something like that seem to be very slim at this point. in terms of the debt ceiling, they are very much relying on a plan being worked out by senators reed and mcconnell, top democrat and republican in the senate, to move something forward so the senate can take a lead and the house can then follow suit maybe making some changes. i think right now that's the best hope. i do want to tell you looking at the president's schedule today, it's mighty bare. his normal presidential briefing and meetings with senior advisers but certainly there's a lot of room built in there for any sort of communication he needs to do with congress. >> right. there was talk they are working through the weekend so they are doing everything possible to come to an agreement. >> over night too. >> u.s. and libya hosting secret face to face talks since the libyan conflict began four months ago. the point of the weekend meeting was to send a clear message to m
, it doesn't really move much and when you see that big ridge overhead, you see that ridge as far south as dallas, texas. we're also tracking some stormy weather, if you're driving from alabama to florida, you know what i'm talking about, these storms have popped up and they are intense over southwest georgia and they are intense in the baton rouge area, as well as new orleans. i know it's a great break from the heat, but these storms can be severe at times, watch out for heavy downpours as well as frequent lightning strikes. >> with this kind of heat, all the more reason to stay inside too. maybe catch a movie this weekend? a big hit this weekend, of course harry potter and the deathly hollows. already it has set one box office records and it may turn out to be the most popular harry potter movie of all. of all the previous harry potter movies, which brought in the most cash? was it harry potter and the sorcerer's stone, the goblet of fire or the order of the phoenix? for broccoli, say one. for toys, say two. toys ! the system can't process your response at this time. what ? please cal
as 40,000 dead in the last four years. this shocking reality has made it's way on the big screen with a new genre called narco movies. in this movie called "high-powered people," a drug lord and an associate discuss alliances. the violence in their movies pales in comparison to reality. >> translator: we're not even close to reflecting reality. can you call our movies soft because we don't show as much blood and killings. we just try to give people what they want. >> reporter: the english translation of the movie titles are very revealing. the bough so the film makers say they make sure the screen plays don't rub any of the cartels the wrong way, and it's a kinds of self censorship that keeps them safe. >> translator: we deal with these issues in the best way possible. we're not afraid they will come after us because we behave. we do things the best we can and so far we have not been threatened by anybody. >> rafael romo joins me now. is anybody concerned about the glorification of what the cartels are all about? >> there is great concern. the movies are not yet mainstream in mex
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economic system in the world and saying what on earth is going on? how has it got so bad? the really big fear ultimately is that there is some sort of accident. basically, a vote doesn't take place. somebody loses, and somebody doesn't turn up, and ultimately a technical default actually happens. now all the rating agencies have pretty much said we accept if there is default, it will be short lived. this is a case of won't pay, not can't pay. randi, these are delicate times and certainly the global economy is in no fit state for these sort of shaw than begans. >> how significant is it if the rating slips? >> it's significant because it's just like our credit rating on our credit cards. if you are lower down the scale, you have to pay a higher interest rate or you may not get as much credit. if the u.s. loses it's aaa rating, and it's only one of a handful of countries, an kcanadd australia, two of the others that never defaulted, if they lose their aaa rating, then the government has to pay more for its money. i suspect the aaa would come back quickly, but the damage would have been done
! ♪ h-o-t-w-i-r-e... ♪ hotwire.com >>> no progress reported tonight on the big deficit reduction talks at the white house. with that, this warning tonight from moody's investor service. the federal government could lose its top of the line credit rating if the white house and congress can't agree on a plan to increase the nation's debt ceiling, meaning allow washington to borrow more money to help pay its bills. that warning came just a few hours after this sober math lesson from the fed chairman ben bernanke. since the government borrows 40 cents of every dollar it spends, a fall you'ilure to increase washington's credit limit would require a 40% cutback in spending. >> significant cuts in social security, medicare, military pay, or some combination of those in order to avoid borrowing more money. >> now that sounds ominous, but some conservatives think the catastrophe scenarios are exaggerated. >> if congress fails to raise the debt ceiling by $2.5 trillion, that somehow the united states will go into default, and we will lose the full faith and credit of the united states. that is s
and taking on the big issues. and that he called on the group to take on this challenge and then called the meeting to an end. no matter how you read that, it's clearly an increase in tensions on day three of these debt negotiations with no sign of real progress with the clock ticking. and i do have it confirmed that this president really did say -- >> part of president obama's plan that he's been very kind of calculating in the way he's gone about these talks, intimating or letting the republicans talk about spending cuts and then only later on really being aggressive and pressing for revenue razors for tax increases down the road. how does the white house respond to that? is there any truth to that from the white house perspective? >> well, look, if this were part of plan he'd have a deal by you because no president wants this kind of debt threat hanging over their head. he cannot benefit from having any kind of default at this point in his presidency. so you could accuse the white house of playing tactics instead of having a strategy. you could accuse the president of going out and u
is not only limited in the u.s., but also in europe. we cannot say the u.s. is not powerful now. as a big u.s. debt-holder, china will for sure be affected. >> reporter: and in australia, too. >> it makes it much more expensive for tourists to visit australia. those parts of our economy exposed to the tourist sector, we've spent a lot of money promoting australia overseas, are not going to benefit from that. >> reporter: in tokyo some economic experts see history repeating itself. they compare the current u.s. debt crisis to japan's crippling recession of the 1990s. >> it's the exact replay of what we went through in japan 10, 15 years ago. >> reporter: however the debate plays out in washington, experts say the financial ripples will be felt around the world. >> it's an issue that really is lurking in the background of each and every economy of the world. >> reporter: jonathan mann reporting. >> so what will it take to find a solution to our debt crisis? all the hurdles and options are broken down. don't miss "get it done" sunday night, 9:00 eastern time only on cnn. >>> turning overseas n
people who come here for our education opportunities. it's a big mistake. that is the natural resource of all natural resources, the most important of all, what's up here, ideas, ingenuity, for sight, all of that. as canada is being, we ought to be a place they all want to be and come on over, we need you. what would we be without immigration? think of who would never have become an american without immigration. that's who we are, thank goodness. >> powerful words. david mccollough. thank you. we will be right back to talk about a time when america and americans were fascinated by france. david mccollough's new book when we come back. ♪ ♪ ♪ [ male announcer ] more people are leaving bmw, mercedes, and lexus for audi than ever before. ♪ experience the summer of audi event and get over 130 channels of siriusxm satellite radio for three months at no charge. isn't some optional pursuit. a privilege for the ultra-wealthy. it's a necessity. i find investments with e-trade's top 5 lists. quickly. easily. i use pre-defined screeners and insightful trading ideas to dig deeper. work smar
't be a big deal. i'll give you a few seconds to look them in the eye and say, you're wrong. >> yeah, i think you're wrong. now, of course, i don't know for sure. this is unprecedented but there is a $23 billion social security payment due on august 3rd that is not at all clear that there will be enough cash in the treasury to make that payment. so i think david is right. why would you want to take that chance? tp doesn't make sense. not for the social security recipients or for the economy or entire global financial system. >> david walker, the president meets with speaker boehner over the weekend and they are clearly not making any tangible progress. the house will go forward this week and senate will most likely vote on a balanced budget amendment and some other things that simply, to be honest, can't pass or even if they did pass the president would veto. they will move to the mcconnell plan and convince the republicans that they have your vote. do those votes undermine confidence in the market in a deal that might be reached? >> well, i think the markets know that those are not going to
come here for our education opportunities. it's a big mistake. that is the natural resource of all natural resources, the most important of all, what's up here, ideas, ingenuity, foresight, all of that. training. we ought to be, as canada is being, we ought to be a place they all want to be and come on over, we need you. what would we be without immigration? think of who would never have become an american without immigration. that's who we are, thank goodness. >> powerful words. david mccullough. thank you. we will be right back to talk about a time when america and americans were fascinated by france. david mccullough's new book when we come back. ♪ let me entertain you ♪ let me make you smile ♪ let me do a few tricks ♪ some old and then some new tricks ♪ ♪ i'm very versatile ♪ so let me entertain you ♪ and we'll have a real good time ♪ [ male announcer ] with beats audio and flash, you can experience richer music and download movies straight to the new hp touchpad with webos. really? 25 grams of protein. what do we have? all four of us, together? 24. he's low f
hundreds! yeah, that'll certainly stick with me. we'll take it. go, big money! i mean, go. it's your break, honey. same coverage, more savings. now, that's progressive. call or click today. [ male announcer ] time to check your air conditioning? come to meineke now and get a free ac system check and a free cooler with paid ac service. meineke. we have the coolest customers. >>> democrats and republicans hold another round of talks today on raising the country's debt limit and reducing the deficit. the obama administration is pushing for a deal sooner rather than later. our white house correspondent dan lothian is joining us with an update. dan, i guess we heard from the treasury secretary, timothy geithner, stepping up the sense of urgency. why do you suppose he did that? what did he say? >> reporter: well, what he's trying to do is essentially push this theme that the president has been pushing, that he still wants to go for the biggest, most comprehensive deal possible because this administration believes that that's the best thing for the economy, not only over the long term, but also t
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